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Mortgage Terms Defined:Thrift institution is a general term for savings banks and savings and loan associations.

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Mortgage Terms Defined:Lock-in refers to a written agreement guaranteeing a home buyer a specific interest rate on a home loan provided that the loan is closed within a certain period of time, such as 60 or 90 days. Often the agreement also specifies the number of points to be paid at closing.

 

Mortgage Terms Defined:Escrow is the holding of money or documents by a neutral third party prior to closing. It can also be an account held by the lender (or servicer) into which a homeowner pays money for taxes and insurance.